A group of unnamed investors also participated in the round, according to a statement.
Unicorn India, a SEBI-registered venture capital fund, recently announced first close of its Rs 100 crore fund, and Roder is its maiden investment.
Roder plans to use the money mainly for its expansion plans.
“Roder’s model is such that it not only makes cabs available at short notice but also results in substantial savings for customers. Our decision to invest in Roder is driven by the fact that their business model is scalable and this space is set to witness action and growth in the next few months,” said Bhaskar Majumdar, managing partner, Unicorn India.
Currently, present in 13 cities, Roder is all set to launch into 20 new cities in North and Western region of the country. Roder is also working on ‘ride-sharing’ feature for intercity travellers.
Founded in Dec 2014 by three IIT Kharagpur alumni Abhishek Negi, Ashish Rajput, and Siddhant Matre, Roder is an on-demand intercity cab aggregator marketplace.
Negi has almost five years of experience and before founding this venture, he worked with Vodafone as an assistant manager- corporate technology, Previously, he worked with the companies like Introbots, RVUN Ltd and others.
Rajput worked with Sterling Global Oil Resources Ltd in Nigeria as a geophysicist while Matre associated with AbsolutData Analytics as an analyst prior to co-founding Roder.
“Since our inception in 2014, we have generated a GMV of over a crore by fulfilling 500 rides on a monthly basis, with an average ticket size of Rs 5,500. We are creating a new market for outstation cab services. The demand for booking one way rides via our platform has grown from 5% to 70% from our early days. We believe our team is now ready to take its services to new markets in the country,” said Negi.
Unicorn India is founded by Anil Joshi and Bhaskar Majumdar, the early-stage investors.
Cab-hailing apps recorded a high growth in India last year. In the space, biggest player Ola has raised $1.31 billion in several rounds so far, again providing enough funds to keep subsidising rides and keep drivers loyal to its network. It is now present in over 110 cities in India, compared with 25 for Uber.
Recently, Didi Kuaidi, Ola, GrabTaxi and Uber’s US competitor Lyft (with $1 billion of funding) joined hands to provide taxi rides for customers.